GBP/JPY – 30M – BUYThe pair British Pound/Japanese Yen (GBP/JPY) moves from the bullish trendline up.
A continuation of the upward movement upwards to the next resistance at 198.94600 will persist.
Caution: A possible change in the direction of the support level at 196.30600 could occur.
In case of a trade, appropriate stop-loss settings should be considered.
Moreover a ‘Bullish Belt Hold’ chart pattern is found. The candles form ‘Bullish Belt Hold’. which is a positive chart scenario. The pair is likely to go up. According to the Encyclopedia of Candlestick Charts by Thomas N. Bulkowski, the success rate of a ‘Bullish Belt Hold’ heading up is 71% (Bull Market) & 71% (Bear Market).
| Support & Resistance | Price Range* |
|---|---|
| 3rd High | 199.55300 |
| 2nd High | 199.37100 |
| Next High | 198.94600 |
| Current Price | 197.09100 |
| Next Low | 196.30600 |
| 2nd Low | 195.73200 |
| 3rd Low | 194.05400 |
Trading Signals: FOREX – GBP – GBP/JPY – JPY – Bullish Belt Hold